What is a Financial Power of Attorney? (Video)
What does a financial power of attorney do for you?
Hi. I’m Gary the owner of DeWitt Law. We help you protect yourself, your money, and your property.
A Financial Power of Attorney allows someone you name to take actions or make decisions for you if you are unable or unavailable to do so, such as:
- Pay your bills
- Deposit and cash checks
- Handle real estate transactions
- File tax returns
- Enable you to keep your home and preserve your eligibility for government benefits such as Medicaid
- Take steps for Medicaid planning for you
- Sell assets to pay for medical expenses
- Banking transactions
- Dealing with government or retirement benefits plan administrators
- Healthcare billing and insurance companies
- Allow someone you name to take care of your pet
- And other business decisions and actions
If you have property that is only in your name, your spouse would need a power of attorney to take legal or financial actions related to that property.
You should have complete trust and confidence in the person or persons you name as your financial agent. That person should have the ability to make good financial decisions.
You may choose to have one person act alone as your Agent, or you may wish to name two people act together – called Co-Agents – to make decisions on your behalf. With Co-Agents, you can choose whether both must act together to make decisions, or if either one may act alone.
If you don’t have any trusted persons to name as your agent, you may be able to name your bank, but you should talk with them first.
Start your plan at dewitt.law.